Gold Markets Rally for the Week

Gold Weekly Technical Analysis

Gold markets have rallied during the course of the week to reach the $1950 level, an area that has been a significant amount of resistance on shorter-term charts. At this point, it looks like gold is trying to make a statement and reach the $2000 level over the longer term. That being said, the market is likely to continue seeing quite a bit of noisy behavior, but after the pullback, it does make sense that we would see plenty of value hunting coming back into the picture.

If we were to turn around a break down below the $1900 level, it could change the overall attitude of the market, but right now I think it is obvious that we have a lot of buying pressure out there and therefore I think is going to be difficult to get below there. If we do break it down below there, then it is it could send gold down to the $1850 level. That of course would be a major switch, but I do believe that the possibility of that is getting slimmer by the day. The market certainly looks as if it wants to go higher, and I think perhaps test the recent highs again. That does not mean that it is easy, but it does look to be the most likely outcome.

I do not have any interest in trying to short this market, at least not yet, and I do think that gold has further to go over the longer term. However, you always have to keep the alternate potential in the back of your mind, therefore you will know when you are wrong.

Gold Price Predictions Video 11.04.22

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